Opening Range Indicator with Measured Moves and VWAP For ThinkOrSwim

[nktkobby]

I will start by saying, nothing works all the time. The calculations here are simple - 50% of the opening move range added above and below the range. By default, it uses the opening 15m but I know some use the opening 5m or the opening 1m.
If you were to look into using a weekly range, you could try time-based OR you could check out this study with a different approach - Weekly Opening Range Breakout. Let us know if you find anything interesting!

Are you familiar with Amalia's work...sharing his breakout for different time frames https://tos.mx/97IdXDB

 

[FutureTony]

Are you familiar with Amalia's work...sharing his breakout for different time frames https://tos.mx/97IdXDB

No, I am not familiar with this work.

 

[nktkobby]

I will start by saying, nothing works all the time. The calculations here are simple - 50% of the opening move range added above and below the range. By default, it uses the opening 15m but I know some use the opening 5m or the opening 1m.
If you were to look into using a weekly range, you could try time-based OR you could check out this study with a different approach - Weekly Opening Range Breakout. Let us know if you find anything interesting!

@FutureTony I was pondering over the weekly ORB idea you shared and thought what if we use the either Monday’s open/close or High or Low, how would that look like…I’m curious but I lack coding to try the idea. Do you mind helping me

 

[FutureTony]

@FutureTony I was pondering over the weekly ORB idea you shared and thought what if we use the either Monday’s open/close or High or Low, how would that look like…I’m curious but I lack coding to try the idea. Do you mind helping me

IMO - you don't need an indicator to try this out. Manually plot some of these points you mention in past weeks and see how they perform. Try Sunday session if you are plotting futures, try all Monday, try the first hour of Monday, etc. Once you find something that you think is working consistently, bring that idea back to this thread and others can help with building out the indicator...

 

[nktkobby]

IMO - you don't need an indicator to try this out. Manually plot some of these points you mention in past weeks and see how they perform. Try Sunday session if you are plotting futures, try all Monday, try the first hour of Monday, etc. Once you find something that you think is working consistently, bring that idea back to this thread and others can help with building out the indicator...

Sounds good, thank you for the response and insight

 

[stormy77]

This is a beautiful indicator.
I am only using the OR High and OR Low lines and bubbles for my needs. I'm trying to figure out how to get the actual price value in the bubble?

 

[FutureTony]

This is a beautiful indicator.
I am only using the OR High and OR Low lines and bubbles for my needs. I'm trying to figure out how to get the actual price value in the bubble?

Replace the last two AddChartBubble commands with this:

AddChartBubble(showBubbles and showBubbleNow[1], ORHigh[1], ORHigh[1], Color.GRAY, yes);
AddChartBubble(showBubbles and showBubbleNow[1], ORLow[1], ORLow[1], Color.GRAY, no);

Will print the values instead of the simple ORHigh/ORLow label.

 

[stormy77]

How do I get the lines to all the way across the screen? during the initial house, the line is hard to see as it starts printing as the day progresses. I'd like to be able to see the lines as soon as the timeframe is reached

 

[FutureTony]

How do I get the lines to all the way across the screen? during the initial house, the line is hard to see as it starts printing as the day progresses. I'd like to be able to see the lines as soon as the timeframe is reached

The lines start printing as soon as the end time specified is reached. If you want to see them 'in progress', try adding this to the bottom of your study:
input showORInProgress = yes;
AddLabel(showORInProgress,"ORH: " + ORhigh + " | ORL: " + ORLow,Color.WHITE);

 

[stormy77]

The lines start printing as soon as the end time specified is reached. If you want to see them 'in progress', try adding this to the bottom of your study:
input showORInProgress = yes;
AddLabel(showORInProgress,"ORH: " + ORhigh + " | ORL: " + ORLow,Color.WHITE);

Thanks for the quick response. I think I messed up in my explanation. The lines progress as the day progresses, But stays at price levels determined at the close of the opening time (in my case 930-1000)
what I was asking is once the price levels are determined, I would like to see the lines extend all the way across, instead of seeing them print as the day progresses. The reason is that in the first few hours, because the line is so small, it is hard to see . I would like to see the line go across the screen as soon as it's 1000

 

[FutureTony]

Thanks for the quick response. I think I messed up in my explanation. The lines progress as the day progresses, But stays at price levels determined at the close of the opening time (in my case 930-1000)
what I was asking is once the price levels are determined, I would like to see the lines extend all the way across, instead of seeing them print as the day progresses. The reason is that in the first few hours, because the line is so small, it is hard to see . I would like to see the line go across the screen as soon as it's 1000

Sorry, I'm not quite sure why it is doing that. I tried a couple of quick things but it did not make a difference. Would require more debugging and I do not have the time to do that right now. Hopefully the labels help a bit.

 

[Goingdark365]

@FutureTony can we get the atr from opening range of the previus 5 days as the targets ?

 

[FutureTony]

@FutureTony can we get the atr from opening range of the previus 5 days as the targets ?

I'm not quite sure I follow. Do you mean the average move for the first x minutes over the previous 5 days and then plot that as our expected range for today? If so, I'm not sure how useful that will be as some days have news drivers or other events that can produce increased moves and may 'throw off' the average...

 

[Goingdark365]

I'm not quite sure I follow. Do you mean the average move for the first x minutes over the previous 5 days and then plot that as our expected range for today? If so, I'm not sure how useful that will be as some days have news drivers or other events that can produce increased moves and may 'throw off' the average...

Yes like atr I meant to say 50 days. I tried the atr formula with the code but just gives me what the label is already showing as the range

 

[FutureTony]

Yes like atr I meant to say 50 days. I tried the atr formula with the code but just gives me what the label is already showing as the range

I believe you would have to manually calculate that, even within the study. There is no easy way to retrieve the OR for the past 50 days as far as I know. I could add an input variable that you could manually change for an 'expected range' but not sure how helpful that would be...

 

[Goingdark365]

no matter what look back i try it still dosnt work gives me same result

 

[FutureTony]

I believe you would have to manually calculate that, even within the study. There is no easy way to retrieve the OR for the past 50 days as far as I know. I could add an input variable that you could manually change for an 'expected range' but not sure how helpful that would be...

Exactly. I believe you would need to store yesterday's range at the start of each day. So would need 5 variables to hold the range for the last 5 days and then would need to calculate the average of those 5 days. And if you want 50 days, you need a chart showing 50 days of data and you would need 50 variables. Unless someone else has a better idea...

 

[Chemmy]

Hey @FutureTony, great indicator! I'm assuming this is build mainly for futures though -- for some reason, I can't get this to display properly for equities with extended hours off:

This is the basic display set to show From RTH start, showing the anchored vwap from 9:30 to 16:00. However, as you can see it instead just anchors to the beginning of the chart, and doesn't really set the targets properly either. Do you know the reason for this? Is there a relatively simple way to get this to display with extended hours off?

 

[FutureTony]

Hey @FutureTony, great indicator! I'm assuming this is build mainly for futures though -- for some reason, I can't get this to display properly for equities with extended hours off:

This is the basic display set to show From RTH start, showing the anchored vwap from 9:30 to 16:00. However, as you can see it instead just anchors to the beginning of the chart, and doesn't really set the targets properly either. Do you know the reason for this? Is there a relatively simple way to get this to display with extended hours off?

Hmm. I created it so that it would work on tick charts on futures as well. My guess is that using it on an equities chart with extended hours off might require you to change the end time input from 16:00 to one candle earlier. Try 15:57 in your chart above (or maybe even a bit earlier). That should hopefully get it to 'reset' for the next day.

 

[Chemmy]

Hmm. I created it so that it would work on tick charts on futures as well. My guess is that using it on an equities chart with extended hours off might require you to change the end time input from 16:00 to one candle earlier. Try 15:57 in your chart above (or maybe even a bit earlier). That should hopefully get it to 'reset' for the next day.

Yep, you had it right! It was actually setting the opening time input to after 9:30, or maybe a combination of both. But using a starting time of 9:33 and an end time of 15:57 works just fine now on a 3 minute chart -- thanks for trouble shooting that.